Young millionaires are the least likely to keep hard copy records of all their financial information, Millionaire Corner report finds.
As mobile technology and social media usage increases, so, too, do concerns about the security of financial information, according to a second quarter wealth level study of Millionaire investors conducted by Millionaire Corner.
Nearly three-fourths (71 percent) of Millionaires surveyed said they are concerned about the security of their financial information in connection with social network sites such as Facebook and LinkedIn. Seventy percent keep hard copy records of all their financial information. Just over half (52 percent) worry that their financial information would be at risk from a natural disaster, a terrorist attack or a hacker.
Young millionaires under the age of 35 are the least worried about the security of their financial information. This age group is generally considered to be more tech-savvy than previous generations and so therefore are more likely to feel more comfortable with new technology. In contrast, at least seven-in-ten of baby boomers ages 55-64 and seniors older than 65 express the most concern about their financial information online.
Not surprisingly, while young millionaires are the least likely to keep hard copy records of all their financial information, they are significantly more likely than previous generations to use cloud backup, or online backup, for security purposes.
Related story: Millionaires most active on personal computers for financial purposes. Click here to read more.
Across the wealth groups, Millionaires are most likely to prefer hard copies of their financial statements as opposed to receiving them online. Forty-two percent prefer getting their online financial statements online, unchanged from last year. In comparison, 44 percent of Ultra High Net Worth investors prefer receiving financial statements online, up from 34 percent in 2012. The same percentage of Non-Millionaire investors also prefer receiving their financial statements online, up four percentage points from last year.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.